Google Cloud may be making waves in the world of intelligent document processing with this month’s official rollout of a purpose-built solution for the mortgage industry, Lending DocAI, but there are at least 27 technology vendors competing in the space.
That’s according to a new assessment by analysts at Everest Group, who looked at products that classify and extract information using artificial intelligence (AI) technologies including optical character recognition (OCR), natural language processing (NLP) and machine learning.
Mortgage lenders process hundreds of pages of paperwork for each loan, ranging from documents that verify income to federally-mandated borrower disclosures. It’s a time-consuming process that can add thousands of dollars to the cost of originating a loan.
These “rapidly evolving” technology solutions can automate much of the process, and are offered as turn-key platforms or as custom solutions based on buyer requirements, Everest Group analysts said.
Everest Group’s PEAK Matrix reports are intended to be objective, data-driven assessments that classify vendors into three categories: “leaders,” “major contenders” and “aspirants.”
The 2021 PEAK Matrix Assessment of vendors offering intelligent document classifies six companies as leaders, 16 as major contenders, and five as aspirants.
- Evolution AI
- HCL Technologies
- Singularity Systems
- UST SmartOps
Everest Group says its assessments are based on interactions with leading vendors, client reference checks, and an ongoing analysis of the IDP market.
Google Cloud’s Lending DocAI only became available in preview mode last fall. This month, Google Cloud announced that the app is now “generally available,” claiming banks, mortgage brokers and other lenders will be able to cut processing times for loan applications from weeks to days.
To date, Google Cloud has announced partnerships with Roostify and Mr. Cooper.